Steem has been in bullish mode for a week- what could be the reason and it is not probably the Samsung and ned rumor!

Steem has been in bullish mode for a week and still going good. It has just broken 39 ranking on CMC while BTC is still faltering- dropping 10% in this week. I have wondered what could be the reason.

Probable: Bithumb will probably enable Steem transfer. Steem is very popular in South Korea. Most of the recent volumes are coming from Upbit. Bithumb is the other biggest exchange that has Steem pair. It had artificially high price and volume for Steem, since it was disable for last few months. Recently there had been a rumor that since Bithumb price and real price are close enough for them to enable Steem transfer. My personal opinion is that this rumor should not have that much standing power to push bull run for Steem for more than a week.

Probable: Due to any absence of good news or updates from @ned and STINC's after the 70% lay off news, Steem had a beating in market ranking. It fell from 30s to 50s in ranking. @ned showed up in several meetings and released Mission Vision and Values (MVV) along with hivemind. It brought a correction from Steem's low rank in CMC from 55 to 39. It is nothing but a correction in confidence. However, there is a recent drama going on about @steemit's power down which should nullify any euphoria. It is strange that the FUDs related to powerdown has little to no effect in this bull run.

Least probable: I have just found a very interesting article about a Samsung and Steemit collaboration rumor and link#2. It argues that @ned and @steemit is selling Steem to Samsung. In other words, Samsung is buying stakes in Steem. Also, @ned's firing 70% of employees was the part of the deal. The problem is that the rumor is linked to controversial @haejin and @kaliju. The rumor could be based to the fact that Steem is very popular in South Korea. Being a South Korea based giant company who had expressed their interest in blockchains and social media, people may find a link between Steemit and Samsung. They relate it to @ned and @steemit's power down. According to @ausbitbank, the only link Samsung has with regards to Steem is that Steem's trade volume is coming from Korean upbit.com. And, Samsung has stakes in upbit.com. There is no article or news about Samsung's interest in Steemit. It is probably a fake news!

Most probable: Market has their own minds. Traders follow a coin which has some momentum to the upward. Most probably, Steem caught a bullish trend from @ned's recent performance and hivemind release. The volume catched up and Steem had a correction. Traders love coins with trends and volumes. Currently, Steem fulfill their criteria. Therefore, combination of good updates, correction and interest from traders brought bull run to Steem.

How long it will go? Nobody knows! Looking at current market cap- coins between 40-30 ranks has $60M difference. If Steem can run for another 50%, it will reach 30 rank in CMC. My guess is that Steem can reach as high as 30 rank then it will have another correction to stabilize around 35-40 rank. Moreover, BTC is showing weakness, when the gas will run out from the pump, Steem will see a little bit of setback. However, 35-40 rank suits Steem's current build ups until MIRA and SMT release.

Disclaimer: This opinion is not a financial advice, it my personal perspective and opinion. Please seek professionals for financial decisions.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger